[ad_1]
Following a streak of earnings wins, Vans continues to gain favor among teenagers, becoming the fastest-growing footwear brand, according to a Piper Jaffray study.
The investment banking firm today released its semiannual "Taking Stock With Teens" survey, finding that the iconic skate lifestyle brand is only the second most popular among young people (second only to Nike) upper-income female teens. (The survey included results from about 8,600 teens averaging 16 years old across 48 states in the country.)
The surge puts Vans closer than ever to Nike, which has maintained its position as No. 1 apparel and footwear brand among teenagers as athletic brands remain dominant. However, the sportswear is adidas, Lululemon and Crocs see swift growth.
Comparatively, Tommy Hilfiger and Supreme, such brands are inspired by '90s trends – Balenciaga and Gucci – are also on the rise.
VF Corp.'s hero brand, which reported this month as third-quarter sales advanced 15 percent to $ 3.9 billion, driven by a 27 percent gain at the Costa Mesa, Calif.-headquartered company. (The firm is also related to The North Face, Timberland and Reef.)
Last month, Vans Chairman, President and CEO Steve Rendle announced plans to boost revenues to $ 5 billion, from $ 2 billion, by fiscal year 2023, expecting the bulk of sales from a direct-to-consumer business model.
Want more?
Vans Is Having a Hot Streak – and the Proof Is in the Sales
How Vans Plans to Hit $ 5 Billion in Revenue by 2023
Source link
